Genzyme "neutral weight," target price reduced - update

04/19/06 - Prudential Financial

NEW YORK, April 19 (newratings.com) - Analyst Ron Ellis of Prudential Financial reiterates his "neutral weight" rating on Genzyme Corp (GENZ), while raising his estimates for the company. The target price has been reduced from $81 to $75.

In a research note published yesterday, the analyst mentions that the company is likely to post its 1Q06 EPS in-line with the consensus when it reports its results on April 19. According to the analyst, there are initial indications of a positive impact of the Medicare Part D programme on the sales of Renagel. The EPS estimate for 2006 has been raised from $2.35 to $2.38 to reflect the impact of prescription data.